Thank you. I read that "The backdoor "procedure" can only work 4 requirements are met. The first is that:
1) No Traditional IRA account whatsoever can exist (that includes any SEP or SIMPLE IRA accounts) at the start. If existing IRA's contain any before-tax money or earnings then it will be partly taxable.
I have separate traditional IRA to which I made deductible contributions over 30 years ago and I have done nothing since except to let it grow. Does this mean should not have made my recent $7,000 deductible contribution to a separate traditional IRA and then transferred them to the Roth IRA for for both the 2019 and 2020 tax years? Have I done something wrong that I have to undo now?
